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Status:
"everybody getting reported now.."
(set 23 days ago)
Location: Pine Grove,AL
29,552 posts, read 16,542,682 times
Reputation: 6039
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Quote:
Originally Posted by 1grin_g0
I've heard nothing but complaints from the left with respect to the GOP tax plan. What ideas are the Democrats bringing to the table? During the Cruz/Sanders debate on CNN a few weeks ago, Bernie mentioned something about how he'd like to see our taxes as high as Denmark's, which are apparently the highest in the civilized world. I never have really even seen Democrats attempt to lower taxes on the middle class.
42 million Americans fall into the 15%(would be 12%) bracket. The change between the current system and the one being proposed is only 200 dollars on the low end and 1,200 on the high end when it comes to taxable income.
Republicans could find more money for the people by simply going at it on a state level and ending fees.
This is why Democrats dont really talk about tax reform, but rather what is taxed and how it is taxed. it makes far more sense for me to tell a small business owner he can deduct his new cash registers from taxable income than it does to simply give him a 3% tax reform. His registers likely cost 3 times what he would say in taxes under the new plan.
Status:
"everybody getting reported now.."
(set 23 days ago)
Location: Pine Grove,AL
29,552 posts, read 16,542,682 times
Reputation: 6039
Quote:
Originally Posted by stockwiz
Here's my plan... peg the capital gains tax rate to the income tax rate, tweak the tax brackets a bit, and leave everything else the same for now. Here are my tax brackets:
$0-20K is 10%
$20K to 50K is 15%
$50K to 250K is 25%
$250K to $1M is 30%
$1M+ is 35%
So simple it's funny.. but too simple for politicians that have to have 10 tax brackets to confuse everyone. Capital gains pegged at your income tax rate. Neither party will ever suggest this. If you think they have your best interests at heart, and not the super rich, ask yourself why the democrats never bring up pegging the capital gains tax to the income tax rate. I lowered the rates a bit to compensate for the fact capital gains would be taxed more. They would have to tweaked based on revenue projections which I don't have access too.
no tax above 35% means you just removed 550 billion dollars in tax revenue.
Status:
"everybody getting reported now.."
(set 23 days ago)
Location: Pine Grove,AL
29,552 posts, read 16,542,682 times
Reputation: 6039
Quote:
Originally Posted by BobNJ1960
and put it to use in the productive sector.
Im not debating what people would do with the money. Im simply saying it is removed as government revenue.
You have to account for that. There for it isnt as simple a fix as the other person claims, and they have "fixed" the tax code, and now have to cut 550 billion somewhere else.
Im not debating what people would do with the money. Im simply saying it is removed as government revenue.
You have to account for that. There for it isnt as simple a fix as the other person claims, and they have "fixed" the tax code, and now have to cut 550 billion somewhere else.
Its not 550 billion, but much less, as that money put to productive use would have a multiplier affect that would create incremental future taxation streams, even at the lower rate.
Historically, each time we cut tax rates, we raise total tax revenue. Something even JFK knew would happen.
550 b is the STAGNANT model. That is always wrong. People will not simply pocket the savings. It will either be spent on consumables or invested. Both add to the tax base.
Taxes are at near historic lows, companies are making record profits, the economy is underperforming but expanding and unemployment is very low, interest rates are near record lows.
So what exactly was the problem we needed to solve, or maybe we just needed to increase the national debt.
Aside from the fact that it's my money....
Aside from the fact that a tremendous amount of my money gets wasted on unconstitutional spending and red tape.......
Have you actually been to a grocery store lately?
And please, stop pretending the Left actually gives a crap about the debt.
Aside from the fact that a tremendous amount of my money gets wasted on unconstitutional spending and red tape.......
Have you actually been to a grocery store lately?
And please, stop pretending the Left actually gives a crap about the debt.
You never really answered the question, what exactly is the problem we are trying to solve.
Yes I do care about debt and would be all for rational spending cuts and reform rather than just knee jerk reactions. Simpson-Bowles was an excellent plan for reducing debt but of course it was ignored by both parties. Lacking spending cuts we should be raising taxes not lowering them but this is where we have been since the Reagan Era, taxes are the enemy. People think we will be fine if we just never raise taxes, that is certainly not the case.
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